23 Jun 2015

NZ dollar falls to five year low

12:20 pm on 23 June 2015

The New Zealand dollar has fallen to its lowest level in five years against its American counterpart.

New Zealand money.

Photo: RNZ / Alexander Robertson

The currency has fallen rapidly recently, due to the Reserve Bank cutting the Official Cash Rate (OCR) and weaker than expected economic growth data.

Just before midday it was it was trading at 68.6 US cents.

It has fallen 13 percent since the beginning of the year.

The Reserve Bank on 11 June cut the OCR to 3.25 percent, the first drop in more than four years.

Banks immediately announced mortgage rate cuts and the dollar began to fall immediately after the announcement.

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